Arch Announces European Brexit Changes
Arch Insurance International and Arch MI today announced changes to their European operations as part of the Arch Brexit plan and other recent business initiatives. Notably, Arch Insurance (EU) dac (formerly Arch Mortgage Insurance dac), has received authorisation from the Central Bank of Ireland (CBI) to expand the classes of business it writes in the EU/EEA. With this authorisation, from 29 March 2019 Arch Insurance EU will commence underwriting P&C, Motor and other business lines in the EU/EEA in addition to its current mortgage insurance business.
Arch Insurance Company (Europe) Limited has also changed its name to Arch Insurance (UK) Limited. Arch Insurance UK, based in London, will continue to write a diverse portfolio of global specialty insurances in both the UK and other non-EU/EEA regions. The Arch UK Regional Division of Arch Insurance UK, which was formed in January 2019, will continue without change and focus on commercial property, casualty, motor, professional liability, personal accident and travel business through its extended office network across the UK. The Arch Lloyd’s underwriting platform also remains unchanged.
Arch Insurance EU retains its headquarters in Dublin and adds branch offices in the UK, Italy and Denmark. The Motor insurance business and other specialty lines will be conducted through its newly formed Alwyn Europe division.
Going forward, Arch Insurance UK and the P&C insurance operations of Arch Insurance EU fall under the Arch Insurance International banner. Arch Insurance International includes Arch’s insurance operations in Europe, Bermuda and Australia.
“The CBI authorisation enables Arch Insurance EU to provide a broad range of insurance products in Europe and to ensure a smooth Brexit transition,” said Soren Scheuer, President and CEO of Arch Insurance EU.
“These important changes mean that our European clients and policyholders will continue to be well-served by Arch Insurance EU,” added Hugh Sturgess, CEO of Arch Insurance International.
About Arch Insurance International and Arch Insurance (EU) dac
Arch Insurance International includes Arch’s insurance operations in Europe, Bermuda and Australia. We provide specialized property and liability insurance programmes to a wide range of industrial and commercial companies and financial institutions. Business in the UK is written by Arch Insurance (UK) Limited, and business in the EU/EEA is written by Arch Insurance (EU) dac or via the Lloyd’s Brussels platform.
Arch Insurance (EU) dac also provides innovative mortgage credit risk management and capital optimisation solutions to clients throughout Europe.
Arch Insurance (EU) dac (trading as Arch Insurance International, Arch Insurance, Arch Insurance EU, Arch MI, Arch Mortgage Insurance and Alwyn Europe) is regulated by the Central Bank of Ireland, and Arch Insurance (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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